PUBLISHER: Allied Market Research | PRODUCT CODE: 1225017
PUBLISHER: Allied Market Research | PRODUCT CODE: 1225017
Railway systems include propulsion systems, auxiliary power supply systems, HVAC, on board vehicle control, train information, and train safety systems. Development of advanced rail systems offers enhanced performance to mass transit passengers in terms of safety, comfort, reliability and dependability. Railway information and safety systems also ensure optimum usage and efficient management of transport network and infrastructure.
The railway industry has witnessed significant growth in passenger ridership as compared to other public transit, owing to its fare frequency and overall commute time. According to the Organization for Economic Cooperation and Development (OECD), passenger transport by rail for million passenger-kilometers has witnessed steady growth in the past decade. China registered 0.37 million rail passenger-kilometers in 1998, which reached 1.41 million rail passenger-kilometers in 2018. Moreover, India registered 0.40 million rail-kilometers in 1998, which reached 1.16 million rail passenger-kilometers in 2017.
Moreover, in 2019, the U.S. witnessed around 60% increase in rail ridership since 1997, and is expected to continue the same trend in the future. Rail transit in the U.S. holds around 48% of the total public transit. Railway has witnessed a significant rise in ridership, and is expected to continue in the upcoming years. Advanced railway system is expected to deliver various services such as smooth passenger & freight operations management, safety & security monitoring, and rail communication & networking, which are expected to cater to changing demands for passengers along with reducing commute time and enhancing travel experience.
Rolling stock infrastructure within a country increases the speed and efficiency of railway systems for freight and passenger transportation. In addition, the implementation of autonomous trains requires to be backed by a large investment. Governments of developing countries are investing significantly to meet the latest technology setups required for autonomous trains. For instance, in 2018, India invested $1.97 billion toward its infrastructure development to meet the latest automation demand, and is estimated to further invest $777.73 billion by 2022 to cater to the required infrastructure demand, which includes railway infrastructure development. This is anticipated to offer numerous opportunities for train automation players operating in the country. Hence, such improvements in developing countries are opportunistic for the growth of the railway system market.
The railway system market is segmented on the basis of type, end use, system type and region. By type, it is segmented into locomotives, metros, monorails, trams, freight wagons, passenger coaches, and others. By end use, the market is classified into passenger transit, and cargo train. By system type, it is segmented into auxiliary power, HVAC, propulsion, on-board vehicle control, train information, and train safety. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include Alstom SA, CRRC Corporation Limited, Siemens AG, Hitachi Ltd., Stadler Rail AG, Transmashholding, Knorr-Bremse AG, ABB Ltd., Toshiba Corporation, and Wabtec Corporation.
Key Benefits For Stakeholders
By Type
By End Use
By System Type
By Region